High net-worth buyers spare no expense for luxury

While price probably plays the most crucial role when middle and upper income buyers purchase property, it can be a completely different set of priorities when high net-worth buyers are concerned. 

This is especially true for buyers in suburbs in Sandton like Sandhurst, Hyde Park and Bryanston, which, according to a research report from the British firm WealthInsight, are home to the wealthiest multi millionaires in South Africa.

Charles Vining, Managing Director of Seeff Sandton, says there has been a noticeable increase in activity in high-net worth (HNW) suburbs in Sandton and surrounds as a greater number of properties priced at R15 million and higher have been sold in the first six months of 2013 than were sold in all 12 months of 2012. "High net-worth buyers consider a luxurious property positioned in a prestigious area to be the ultimate purchase. Affluent buyers aren't primarily concerned with price when selecting property, although they are well-educated in terms of what the real value of property is, emphasis tends to be on securing an enviable address, and a property that boasts the ultimate in luxury living and top-notch security, " he says.

5 Bedroom House for sale in Sandhurst

According to the WealthInsight report, Sandhurst is by far the suburb with the wealthiest residents in South Africa. Sandhurst is also the area in South Africa that has the second highest amount of high-value properties, with 125 properties valued above R20 million. In this suburb, you can expect to pay anything from R6 million to R17 million for a cluster home and from R12/R14 million to R60 million for a free-standing house. 

Since January 2013, Seeff has sold close to 30 properties priced at over R5 million. Sandhurst sales included the three highest priced properties sold by Seeff so far this year.

Bryanston residents are featured in the research report as close runners-up in terms of being some of the wealthiest residents in the country, but geographically this area is much larger than Sandhurst.  Bryanston was a prominent feature suburb in the sales over R5 million by Seeff in the first few months of 2013.  Other suburbs where these high value sales were made include the central Sandton suburbs of Hyde Park and Sandown, and the northern suburbs of Fourways Gardens and Rivonia.

Seeff Sandton currently has a wide variety of high value property for sale, across a range of suburbs in central and northern Sandton suburbs.

Vining concludes that these luxury properties are naturally all top class in terms of the finishes selected and the craftsmanship of the installation. "Attention to detail is evident in the buildings themselves as well as in the landscaped gardens".

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